Seven new industrial zones to be set up by year-end
The Morning: Seven new industrial zones are in the pipeline and the infrastructure required for these zones will be completed by the end of the year, according to the Ministry of Industry and Entrepreneurship Development.
Speaking to The Sunday Morning Business, Ministry of Industry and Entrepreneurship Development Secretary J.M.T. Jayasundara revealed that they had commenced an industrial zone development programme under which seven new industrial zones would be established for specific industries.
“These new zones will be sector-specific, such as automobile component manufacturing, food processing, pharmaceuticals, and chemical manufacturing,” she stated.
She further stated that requisite lands had already been identified for the establishment of these zones and that they were currently in the process of acquiring the lands to establish the zones.
However, Jayasundara admitted that it would take about another 2-3 years to complete these new industrial zones. Nevertheless, she added that they intended to develop the requisite infrastructure by the end of the year.
“It will take 2-3 years to complete these zones. But we will develop all the infrastructure within this year. We have already started to develop infrastructure such as road networks and electricity,” she stated.
During his 2025 Budget speech, President Anura Kumara Dissanayake as the Minister of Finance disclosed plans to commence five industrial zones in Kankesanthurai, Mankulam, Iranawila, Galle, and Trincomalee.
In addition, he proposed the allocation of Rs. 500 million to establish a zone dedicated for chemical product manufacturing, including acids and alkalis, in Paranthan.
The President further proposed the allocation of Rs. 1.5 billion to establish an industrial zone dedicated to the manufacture of automobile components and rubber manufacturing.
OSL take:
Sri Lanka’s industries sector is on a steady growth path as indicated by the growth recorded by the local manufacturing sector. The Central Bank of Sri Lanka has continuously marked a growth in the manufacturing sector that has in-turn recorded an increase in the revenue generated by the sector. The strength and resilience of the industries and manufacturing sectors are evident by the growth recorded even during the period the country faced an economic crisis in 2022. Sri Lanka’s geographical positioning in the Indian Ocean, the strong trade ties enjoyed with other countries and the target of becoming a regional hub have all helped boost the country’s industries and manufacturing sectors. Realizing the growth and business potential in Sri Lanka’s industries sector, the Sri Lankan government is focused on setting up seven new industrial zones to give a further boost to the sector. This move would result in the further expansion of business/investment opportunities in the country’s industries and manufacturing sectors. The growth and profits recorded by local businesses in these sectors are a clear indication of the increasing business potential in Sri Lanka’s industries and manufacturing sectors. These opportunities range from setting up businesses to the development of infrastructure and supplementary infrastructure facilities to carrying out the production line. Given all these positive movements, foreign businesses/investors could confidently explore the increasing business/investment opportunities in Sri Lanka’s industries and manufacturing sectors.
| Article Code : | VBS/AT/20250321/Z_2 |